Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h +0.006%

Price spread now: BloFin against Hibachi+0.029%47s7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs+$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.251% of the position

Long on Hibachi Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.457%+$46 on $10k

Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.029%, 7d avg −0.032%

Together, before fees+0.363%+ Points / potential airdropHibachi: Active · farm board+$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.060% dearer against Hibachi than usual: you sell high and buy low (spread +0.029% now, against its 7-day average of −0.032%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 47 hours. Mind the row above: over the last 7 days funding on this pair paid +0.457%, so the current rate has only just turned against you. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,785.1	0.0288	pay 0.0036% / 1h	51m 35s	$271K	$1.5M	20x
Short	BloFin ETH-USDT	2,785.9	0.0185	get 0.0185% / 8h	51m 35s	$285.4M	$195.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HibachibpFee BloFinbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$21.67
Price spread: +0.029% → −0.032%: $6.02
Slippage, 4 orders: −$4.15
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$40.79
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Hibachi: live order book, 2 min ago; BloFin: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hibachi live order book, 2 min ago	0.75 bp	6.6 bp −$7	11.1 bp −$111	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.25 bp	6.3 bp −$6	6.3 bp −$63	7.1 bp −$710	9.0 bp −$4,494

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0447%	43m	2,783.4	−0.059%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,783.3	−0.064%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0131%	1h	2,779.8	−0.188%	$8.8M	$32.7M	100x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.092%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,785.9	+0.030%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,783.8	−0.045%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,782	−0.109%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.6	−0.016%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,785	−0.002%	$884K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,783.8	−0.047%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,783.4	−0.059%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,783.4	−0.060%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.3	−0.026%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0028%	8h	2,783.8	−0.044%	$271.3M	$68.8M	150x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,784.9	−0.006%	$257.0M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,784.4	−0.022%	$5.1M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,783.5	−0.056%	$2.11B	$3.11B	150x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,783.7	−0.049%	$1.60B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,784.2	−0.030%	$6.46B	$17.26B	150x	as long as short
Bullet ETH-USD	+0.0067%	1h	2,783.7	−0.049%	$184K	$1.7M	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,783.4	−0.059%	$3.31B	$9.58B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,785	−0.003%	$60.3M	$4.62B	50x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,784.9	−0.006%	$424.2M	$739.3M	100x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,783.8	−0.047%	$2.52B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,783.7	−0.047%	$1.08B	$1.32B	200x	as long as short
Nado ETH-PERP	+0.0093%	1h	2,783.1	−0.071%	$14.4M	$118.2M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,785.8	+0.027%	$116.4M	$495.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,786.8	+0.061%	$25.4M	$120.6M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,784.7	−0.012%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783.3	−0.064%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,783.5	−0.056%	$479K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,787.6	+0.091%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,785.3	+0.008%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,783.3	−0.063%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,784.8	−0.010%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.255%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783.5	−0.057%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.4	−0.130%	$147.6M	$336.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782.4	−0.097%	$182.1M	$780.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.1	−0.035%	$161.9M	$90.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,786.7	+0.059%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,785.2	+0.005%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784	−0.040%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,785.8	+0.028%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,783.2	−0.067%	$977K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.7	−0.049%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,782.9	−0.078%	$32.7M	$77.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.5	−0.020%	—	$41.8M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0120%	1h	2,785.3	+0.009%	$258.9M	$222.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.9	−0.006%	$86.8M	$332.7M	100x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,784.5	−0.020%	$8.5M	$682.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,786.1	+0.036%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDTshort	+0.0185%	8h	2,785.9	+0.029%	$285.4M	$195.4M	150x
Reya ETHRUSDPERP	+0.0197%	1h	2,783.7	−0.049%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Plong	+0.0288%	1h	2,785.1	long leg	$271K	$1.5M	20x